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Old 08-11-2009, 11:27 AM
 
995 posts, read 3,707,119 times
Reputation: 361

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I have several checking accounts for paying bills and online savings accounts for accruing interests.

My online savings account doesn't have check writing privilege so whenever I need to make a large payment (such as mortgage payment), I transfer money from savings to checking account prior to the payment.

What I want is

1. Able to write checks for paying bills
2. Quick transfer money between several accounts
3. No fees, low minimum balance requirement
4. Competitive interest rate

Do you know any bank account that satisfy the above criteria?
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Old 08-11-2009, 06:00 PM
 
995 posts, read 3,707,119 times
Reputation: 361
Quote:
Originally Posted by acegolfer View Post
I have several checking accounts for paying bills and online savings accounts for accruing interests.

My online savings account doesn't have check writing privilege so whenever I need to make a large payment (such as mortgage payment), I transfer money from savings to checking account prior to the payment.

What I want is

1. Able to write checks for paying bills
2. Quick transfer money between several accounts
3. No fees, low minimum balance requirement
4. Competitive interest rate

Do you know any bank account that satisfy the above criteria?
To answer my own question, I have found Ally Bank Money Market Account (MMA) suits the bill.

1. It has check writing privilege, check/ATM card. I can't push online bill pay from ally but I can pull payment from credit card/mortgage account.
2. It takes 1 day to receive and 2 days to send fund from ally. No limit on number of linked accounts.
3. No fees, $0 minimum balance
4. As of 8/11/2009, offering 1.65%.

On the other hand, my existing dollarsavingsdirect account provides

1. no check writing
2. takes 1 day to receive and send fund, but can only link 2 checking accounts
3. No fees, $1000 minimum balance to get higher interest rate
4. As of 8/11/2009, offering 1.70%.

With so many benefits, I'll be gradually switching to Ally.
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Old 08-12-2009, 12:40 PM
 
Location: Denver, CO
1,899 posts, read 4,344,965 times
Reputation: 1626
Quote:
Originally Posted by acegolfer View Post
To answer my own question, I have found Ally Bank Money Market Account (MMA) suits the bill.

1. It has check writing privilege, check/ATM card. I can't push online bill pay from ally but I can pull payment from credit card/mortgage account.
2. It takes 1 day to receive and 2 days to send fund from ally. No limit on number of linked accounts.
3. No fees, $0 minimum balance
4. As of 8/11/2009, offering 1.65%.

On the other hand, my existing dollarsavingsdirect account provides

1. no check writing
2. takes 1 day to receive and send fund, but can only link 2 checking accounts
3. No fees, $1000 minimum balance to get higher interest rate
4. As of 8/11/2009, offering 1.70%.

With so many benefits, I'll be gradually switching to Ally.
The MMA looks good, I'm a little surprised since usually MMAs have a minimum balance requirement. Also, if you do a lot of transactions (withdraws, transfers, using check card) then be aware that MMAs have a limit on how many times you can access your cash. I think it's something like 3 checks per month, and 3 withdraws, something to that effect.
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Old 08-12-2009, 12:50 PM
 
16,308 posts, read 26,185,794 times
Reputation: 8325
Quote:
Originally Posted by acegolfer View Post
I have several checking accounts for paying bills and online savings accounts for accruing interests.

My online savings account doesn't have check writing privilege so whenever I need to make a large payment (such as mortgage payment), I transfer money from savings to checking account prior to the payment.

What I want is

1. Able to write checks for paying bills
2. Quick transfer money between several accounts
3. No fees, low minimum balance requirement
4. Competitive interest rate

Do you know any bank account that satisfy the above criteria?
First thing you need to understand is that banks are 'for profit' businesses, and as such that pretty much is in direct conflict with your #3

A credit union, they are owned by the members, and as such are not out to nickle and dime you death with fees, and offer a higher level of service than a for profit bank that just wants to make money off of you.

There should be several local ones you could join, where you work, family members that are members, even where you live is all the criteria you need to join.
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Old 08-12-2009, 02:18 PM
 
995 posts, read 3,707,119 times
Reputation: 361
Quote:
Originally Posted by Moonwalkr View Post
The MMA looks good, I'm a little surprised since usually MMAs have a minimum balance requirement. Also, if you do a lot of transactions (withdraws, transfers, using check card) then be aware that MMAs have a limit on how many times you can access your cash. I think it's something like 3 checks per month, and 3 withdraws, something to that effect.
Yes, any MMA and saving account have a maximum of 6 withdrawals by Federal regulation, 3 of which can be check or ATM card transaction.

I plan to use this MMA to stash all my savings and pay for my mortgage and credit card bills. I was confirmed that paying mortgage/credit card bills through their website (not ally's) is considered as ACH transfer not as check transaction, so I can make 6 such transactions without incurring fees.
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Old 08-12-2009, 02:19 PM
 
995 posts, read 3,707,119 times
Reputation: 361
Quote:
Originally Posted by Asheville Native View Post
First thing you need to understand is that banks are 'for profit' businesses, and as such that pretty much is in direct conflict with your #3

A credit union, they are owned by the members, and as such are not out to nickle and dime you death with fees, and offer a higher level of service than a for profit bank that just wants to make money off of you.

There should be several local ones you could join, where you work, family members that are members, even where you live is all the criteria you need to join.
Luckily I found an MMA that has no monthly fees or minimum balance requirement. See my post above.
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